Employment and Wages in
New York City, Manhattan, and Manhattan Localities

The purpose of the following is to provide a baseline for further research.

Summary

More than half a million private sector jobs (7.3 percent of State private
sector employment) were affected by the attack on the World Trade Center (WTC).
The area below 14th Street in Manhattan was the source of $47.0 billion in wages
in 2000. This represents 14.9 percent of wages in New York State in 2000. While
just one-third of these jobs were in the Finance, Insurance, and Real Estate
(FIRE) sector, two-thirds of wages were in the FIRE sector. Large business
establishments in the FIRE sector account for a high share of the activity in
this section of Manhattan.

Comparison of New York State and New York City

A large share of New York State's economic activity occurs in New York City.
In 2000, 44.3 percent of New York State's 6.9 million private sector jobs were
in New York City (see Table 1). While the City contained less
than half of the State's jobs, 58.7 percent of wages ($184.9 billion of the
$314.9 billion) were earned in New York City. On average, jobs in the City pay
more than in the rest
of the State.

Table 1

PRIVATE SECTOR EMPLOYMENT AND WAGES IN
NEW YORK STATE AND NEW YORK CITY
2000

New York State

New York City

City's Share of State

Employment

6.9 million

3.1 million

44.3 percent

Wages

$314.9 billion

$184.9 billion

58.7 percent

Source: NYS Department of Labor.

Comparison of New York City and Manhattan

Just as New York City has a large share of New York State's employment and wages,
Manhattan has a large share of New York City's employment and wages. In 2000, 62.9
percent of the City's 3.1 million private sector jobs were in Manhattan
(see Table 2). Wages in Manhattan were $152.0 billion out of
New York City's $184.9 total, or 82.2 percent. On average, Manhattan's jobs pay
more than jobs in the rest of New York City.

Table 2

PRIVATE SECTOR EMPLOYMENT AND WAGES IN
NEW YORK CITY AND MANHATTAN
2000

New York City

Manhattan

Manhattan's Share of City

Employment

3.1 million

1.9 million

62.9 percent

Wages

$184.9 billion

$152.0 billion

82.2 percent

Source: NYS Department of Labor.

Below 14 Street and the World Trade Center Vicinity

In the week following the attack on the World Trade Center, most economic activity
below 14th Street in Manhattan came to a halt. All businesses were closed and no
traffic was allowed below 14th Street. Continued disruptions to some portions of the
area below 14th Street are expected for several more weeks. In the vicinity of the
World Trade Center, pre-attack levels of economic activity will not resume in the near
future.

Table 3 shows employment and wages in Manhattan, below 14th street and in the vicinity
of the World Trade Center. Twenty-six percent of Manhattan's 1.9 million jobs are in
this area (501,000 jobs). Wages below 14th Street were $47.0 billion in 2000 and
accounted for 30.9 percent of all Manhattan wages. In the vicinity of the World Trade
Center there were 99,200 jobs. Although these jobs totaled only 5.2 percent of
Manhattan's total, they earned 9.1 percent ($13.8 billion) of all Manhattan's wages.

Table 4 shows the industry breakdown of employment and wages below
14th Street and in the World Trade Center vicinity. While the FIRE
sector accounts for only about one-third of jobs below 14th Street,
it accounts for two-thirds of wages. The securities industry, a
sub-sector of the finance industry, accounts for 20 percent of
employment and nearly 50 percent of wages. Although the service sector
accounts for 38.3 percent of employment, it accounts for only 22.3
percent of wages below 14th Street.

The concentration of FIRE sector employment was even greater in the
vicinity of the World Trade Center. More than half of the employment
around the WTC was in this sector in 2000. The FIRE sector accounted for
82.4 percent of wages. The securities industry alone accounted for 60.4
percent of wages, yet it employed only 34.1 percent of workers. Service
sector employment accounted for 12.0 percent of wages and 26.0 percent of
employment around the WTC.

Table 5 shows the shares of private sector employment and wages by
establishment size below 14th Street for selected industries. Overall,
establishments with over 500 workers account for 55.9 percent of wages
and employ 36.6 percent of the workforce in this area. The FIRE sector has
a greater share of employment (59.9 percent) and wages (71.3 percent) in
establishments over 500 persons. The securities industry sub-sector is
concentrated in large establishments. Seventy-eight percent of wages and
72.5 percent of employment occurs in establishments with more than 500
employees.

Table 5

EMPLOYMENT, WAGES, AND NUMBER OF ESTABLISHMENTS BY ESTABLISHMENT SIZE
BELOW 14TH STREET
2000

% Employment

% Wages

% Establishments

Industry

1-500 employees

Greater than 500 employees

1-500 employees

Greater than 500 employees

1-500 employees

Greater than 500 employees

FIRE

40.1

59.9

28.7

71.3

98.7

1.3

Finance

32.1

67.9

25.3

74.7

97.4

2.6

Securities Industry

27.5

72.5

21.8

78.2

97.6

2.4

Insurance
& Real Estate

59.1

40.9

56.9

43.1

99.5

0.5

Services

66.9

33.1

71.3

28.7

99.5

0.5

Other Industries

86.7

13.3

77.3

22.7

99.6

0.4

Total Private

63.4

36.6

44.1

55.9

99.4

0.6

Source: NYS Department of Labor.

Note: The geographic area referred to as "World Trade Center and
its Vicinity" can be roughly described as being south of Chambers
Street and west of Broadway. The World Trade Center and its Vicinity
includes the following zip codes: 10006, 10007, 10280, 10256, 10281,
10285, 10047, 10048, 10080, 10126, 10249, 10278, 10286, 10282, and 10279.
The area below 14th Street also includes these additional zip codes: 10004,
10005,10041, 10274, 10275, 10043, 10045, 10081, 10260, 10265, 10268, 10269,
10270, 10271, 10038, 10272, 10273, 10292, 10013, 10002, 10012, 10009, 10003,
10011, 10055, 10113, 10114, 10177, 10213, 10276, 10277, and 10278.